Last week a change to the Picasa page had everyone talking about a Flickr-like service from Google. It is called Picasa Web, and though it has not been launched yet, the domain picasaweb.google.com now actually resolves -- which signals something will likely happen soon.
Even though it says "not found" when you visit this site, there was one thing that caught my attention. First the robots.txt file disallows everything -- so if it is a Flickr type service, don't count on your pictures being crawled any time soon. Based strictly on this fact, I might even speculate that it will be more of a private photo album rather than public. Maybe something similar to what happens when you type "control + L" while inside Picasa?